Anatol,I disagree, mining business is not only about grades. No...

Anatol,

I disagree, mining business is not only about grades. No doubt, it is one important economic factor but not the only one.

You are hopefully aware that greenfield Potash projects cost multi-billion $, no matter where around the globe being built. I dont think ELM will be an exception. In underdeveloped countries like the ROC access to infrastructure and other resources is absolutely key.

In this context, capex of MAA's 1.2mtpa project cost slightly more than $1b and opex is lower than most juniors. As grades are already factored in projected revenues and opex, this is obviously not the main issue not to get the project funded.

Good luck to all.

For disclosure, I do not hold any shares in ELM and MAA.